European brandy: China to impose customs deposit for all imports

Published 2024년 10월 8일

Tridge summary

China will require wine spirit importers to post a deposit with customs starting Friday, in response to the European Union's decision to impose additional customs duties on Chinese-made electric cars. The EU's move, which has been opposed by Germany, is due to concerns about unfair competition from Chinese-made battery-powered vehicles. The cognac industry, which makes up a quarter of exports in value, is particularly affected by these trade tensions and is already struggling with a drop in sales and reduced vine plantation authorizations.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

China will require importers of wine spirits to post a deposit with Chinese customs starting Friday, the Ministry of Commerce announced, amid trade tensions between Beijing and the European Union (EU). EU member states confirmed in a vote on Friday the imposition of additional customs duties on electric cars imported from China, despite opposition from the Germans who fear a trade war with Beijing. The European Commission now has free rein to add to the 10% tax already in place a surcharge of up to 35% on Chinese-made battery-powered vehicles. These countervailing duties are due to come into force at the end of October. Cognac trade association considers itself "sacrificed" China had warned that it would take "all necessary measures" to respond and on Friday, the cognac trade association considered itself "sacrificed" after this EU decision on electric cars imported from China. "From October 11, 2024, importers will have to provide the corresponding deposit to the customs of the ...

Source: Bfmtv